Question: Todd is able to pay $160 a month for five years (60 monthly payments) for a car. If the interest rate is a 4.9 percent

Todd is able to pay $160 a month for five years (60 monthly payments) for a car. If the interest rate is a 4.9 percent annual rate, how much can Todd afford to borrow to buy a car today?

$6,961.36

$8,499.13

$8,533.84

$8,686.82

$9,588.05

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